21 August 2010
need answers! save money living in a “bad” neighborhood, or move but not save?
Posted by admin under: Economics .
So basically I live in NYC where rents are just really high whether the neighborhood is “good” or “bad”. There are so many people who are in bad shape financially, and have a hard time finding a nice place to live, I am in a position where I have two great choices and I just dont know what to do. I am truly blessed to even have choices. So, one choice is living in a large apartment, where I have an option to rent out one of the rooms to supplement my savings. I can save probably $1000 a mo. But, the neighborhood is questionable, and I am a minority here. The place is in Bushwick, NY and unfortuntaly went through an era of riots and looting. See http://en.wikipedia.org/wiki/Bushwick,_Brooklyn .My fiancee and I make really good salaries, and have no kids. Our long term goal is to buy a house out of NYC. We both dress nicely for work, and definitely stick out. Neighbors dont bother us and are polite, with the exception of the young kids who hang out on the street. There are always dogs barking and loud music thumping, but thats tolerable. We are concerned for our safety though somewhat, and as a result, we prefer to not leave the house at night. We do have a car though. The other choice is to move to a more residential area, which is very safe and quiet. Also, the residents in choice 2 are primarily home owners, where choice 1 are renters. Home owners tend to take more pride in there community then renters, at least in an urban environment (my opinion). In choice 2, I can still save money, but not as much. Im so confused!
Related Posts:
2 Comments so far...
Daddy LOCz Says:
24 August 2010 at 11:12 pm.
The best bet is to save up enough to put down on your very own home. The sooner the better, because rent payments do not account for anything, it is basically lost money. Whereas, your house payment is going toward something that you own personally. So, my advice is that you stay in a place where you are able to save the most money as soon as possible. The conditions might not be so attractive but you should take into consideration that you do not have any children, because if you did, then you would have no option but to move out of there into a more expensive place. It might be tough, but it’s best to squeeze through it. For a woman, it is best to either not wear a purse at night through your neighborhood or tuck it real good. Or, stay on the phone with your husband until you get inside. Another option can be to keep recording on the video option of your cell phone until you are safe. I know that sounds out there, but getting your own home is the only way that you will be able to ensure yourselves a future.
niceguy185 Says:
28 August 2010 at 1:54 am.
Well personally, I would go with the second option. I am from New York City but am in college now so i’m not in NYC very often. But my family used to live in a rough neighborhood but moved away just because living in such a environment stressed them out too much. For the second option, maybe you can still rent. I know a lot of places (the lower half of brooklyn particularly the Sheepshead Bay area) where the houses are in units or separate floors and people would rent even though the neighborhood was full of home owners. If you could do this, you could live in a better neighborhood and save money at the same time. I always put safety and comfort over money so my view might be a little biased.